Living expenses

How much does it cost to live and study in Tasmania?

Settling into your life as a student is such an exciting journey, and getting a good handle on your expenses is a big part of making it a success.

By managing your costs thoughtfully, you can cover your daily expenses while still having plenty of room in your budget for socialising and making the most of your time studying in Tasmania.

Plan your budget

To make the most of your time in Tasmania, it’s a great idea to create a weekly budget to help you manage your money.  Balancing your savings, part-time work and family support against your expected costs will help you stay stress-free while you explore.

Before arriving in Australia, the Australian Government also requires international students to demonstrate that they have sufficient financial resources to support themselves during their stay.

You can find details on these requirements on the Department of Home Affairs website.

Money

What currency is used in Tasmania?

As part of Australia, Tasmania uses the Australian dollar (AUD). One Australian dollar is made up of 100 cents.

Australian currency includes the following notes and coins:

●       Notes: $5, $10, $20, $50 and $100

●       Gold coins: $1 and $2

●       Silver coins: 5, 10, 20 and 50 cents

What form of payments are accepted?

In Tasmania, you'll find that electronic payments using Visa or Mastercard are the most common way to pay for goods and services, including food and drinks.

While some small businesses and local markets still happily accept cash, more and more places are moving towards electronic payments as their main option.

How will I access my money?

The easiest way to manage your money in Australia is to open a local bank account. Having an Australian bank account is essential if you plan to work, as it allows your employer to pay your wages directly and helps you manage everyday expenses.

To get started, you'll need a few items of identification such as your passport, student ID card or driver's licence. The great news is that most banks let you start your application process online before you arrive in Australia. Once you arrive, you can visit a branch to finalise your account, collect your bank card and start accessing your money.

Tip: Let the bank know you are a student. You may be eligible for special student concessions such as reduced or no bank fees, which can help you save money.

How do I choose the right bank?

There are several banks operating in Tasmania. When choosing a bank, consider asking the following questions:

• Are there any application fees to open or maintain an account?
• Can I open an online savings account before arriving in Tasmania?
• Does the bank offer a student account with no monthly fees?
• Can I transfer money into the local bank account from my home country before I arrive?
• Does the account include a Visa or Mastercard debit card?
• Does the bank speak my language and do the ATM cash machines have multiple language options?
• Is there a branch or ATM near my study campus?